Is Polygon having trouble with MATIC amid Web3 expansion plans

ribbed [MATIC] It was able to show consistent growth in L2 space even as L2 space increased in the number of projects. But will Polygon be able to continue this growth In the future given the current situation in the cryptocurrency market?

The answer to this question may lie in Polygon’s long-term plans to take over the Web3 space.

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Here AMBCryptos Polygon Price Prediction for the year 2022-2023.

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according to new reportAnd the polygons The high-profile growth strategy will focus on gaining an early move advantage in the NFT, DeFi, and gaming spaces.

In addition, in order to grow its NFT space, Polygon has partnered with major brands such as dead And the Disney. them too Appointed Executive Directors From companies like YouTube to increase their influence in the GameFi sector.

However, despite continuous efforts and cooperation with major brands, it has been observed that interest in Polygon NFTs has begun to wane. As can be seen in the image below, Polygon’s NFT trading volume has decreased significantly over the past week.

Source: feeling

Trouble in Heaven

In addition to trying to capture the NFT market, Polygon has sought to increase its influence in the DeFi and daApps space as well. according to a report Posted by Cumberland37,000 dapps are using Polygon POS.

However, there were 35 dapps with TVL over $5 million. Although Polygon supports a large number of dApps, it has not been able to grow in the DeFi space. Polygon’s total TVL has decreased significantly over the past two months, as shown in the chart below.

Source: DefiLlama

But waning interest wasn’t the only annoying factor for Polygon, mat It also saw a drop in interest from whales.

Do you follow the problem wherever Matic goes?

In recent days, the number of election transactions for MATIC has seen a significant decrease. This may indicate that the whales were not interested in Polygon at the time of writing and may have been looking at other investment avenues.

Source: feeling

Another development that MATIC investors should consider is development activity which has seen a slowdown in recent days.

A decrease in development activity may indicate that developers may not be working hard with updates and upgrades. However, in contrast to the development activity, Polygon’s market capitalization to realized value ratio (MVRV) has been observed to be on the rise. This may indicate that a positive shift may be underway for MATIC.

Source: feeling

matic $ Trade at $0.819 at print time Its price fell by 0.43%. Moreover, its volume is down 38.94% since October 8.

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